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Thursday, October 11, 2007
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IPO News
Oct 4 2007 10:02AM
Kaveri Seed shares rise 18 percent on debut

MUMBAI, Oct 4 (Reuters) - Shares in agricultural seed maker Kaveri Seed Co Ltd <KVRI.BO> <KVRI.NS> made their debut at 201.15 rupees on Thursday on the BSE, up 18.32 percent from the initial offer price of 170 rupees per share.

The shares were trading at 227.70 rupees at 09:57 a.m. (0427 GMT) on the BSE, after touching a high of 229.95 rupees.

The company raised 680 million rupees through the 4-million- share issue to buy farmland for research, set up corn cob drying plants, a biotechnology laboratory and a seed processing unit.

A part of the proceeds from the IPO, constituting 27.74 percent of the post-issue capital, will also be used to upgrade seed processing units. ((Reporting by Kaustav Roy, editing by Sunil Nair; Reuters Messaging: [email protected], +91-22-6636-9000)) Keywords: KAVERI LISTING/

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